USDCADUSDCAD climbs towards the head-and-shoulders neckline, though hovers around 1.3470 – by christianborjon USDCAD Majors Currencies Macroeconomics
Risk aversion kept CAD buyers from extending the USDCAD losses towards the head-and-shoulders chart pattern 1.3030 targets.The American Dollar is recovering some ground against the Loonie in the North American session after a head-and-shoulderspattern emerged in the daily chart, which targets a fall of USDCAD towards 1.3030. Factors like the US midterm elections showing that the Republicans and Democrats would split congress caused a risk-off impulse.
The lack of Canadian economic data leaves USDCAD traders leaning on the last week’s employment figures. Canada’s October Employment Change report smashed expectations of just 10K new jobs, adding more than 100K, suggesting that the Bank of Canada still has work to do. On the US front, Nonfarm Payrolls exceeded estimates of 200K, printing 261K, but what caught investors’ eye was that the Unemployment Rate jumped from 3.5% in September to 3.7% in October.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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